FINANCIAL ACCOUNTING
ACC 151- Section: [Insert]
[Insert other course information (optional): blended, honors]
Credit Hours:
3.00
Lab Hours: 0.00
Lecture Hours:
3.00
IAI Core:
IAI Majors: BUS903
Semester: [Insert]
Course Begins: [Insert]
Course Ends: [Insert]
Days: [Insert]
Times: [Insert]
Room: [Insert]
Instructor: [Insert]
Email: [Insert your @mchenry.edu email address or LMS information]
Phone: [Insert]
Student Conference Hours: [Insert]
Office Location: [Insert]
Other Contact Information: [Insert]
Website (optional): [Insert]
Required Course Materials:
Textbook and Textbook Supplement and Lab Manual:
 Fundamentals of Financial Accounting – 5th Edition
o Phillips, Libby, and Libby
o McGraw Hill-Irwin
o ISBN 978-0-07-802591-4
 Connect (Homework Assistant) License
o Purchase from Bookstore, or
o Purchase from Publisher on the first day of class
 Note on Textbook/Connect and E-Book Options. Students can purchase the E-Book,
and not the printed version of the Textbook. The E-book comes with the Connect
License.
 Lab Manual, available only at the MCC Bookstore
Course Description:
Financial Accounting is a foundation course for accounting and other business disciplines. Accounting is
an information system that produces summary financial data primarily for external stakeholders. Students
study the common transactions entered into by service and merchandising businesses. The emphasis is on
understanding and applying basic accounting principles including inventory systems, depreciation
methods, analysis of receivables and payables, analysis of the cash account and other concepts that guide
the reporting of the effect of transactions on the financial position and operating results of a business.
How to prepare, analyze and interpret historical financial statements and period-end adjustments, as well,
and the limitations of using these in making forward-looking business decisions, is included. The primary
content emphasis will be accounting for, the balance sheet, current assets and liabilities, long-term assets
and liabilities and the stockholder’s equity section. (1.1-Articulated) [IAI Major Course Equivalent:
BUS903]
Course Note: This course requires advanced reading, basic writing and basic math.
Section Notes:
[Insert if applicable]
Course Objectives:
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Upon completion of this course, the student will be able to:
1. State the three basic elements of the Accounting Equation.
2. Illustrate how all business transactions affect the three elements of the accounting equation.
3. Describe the financial statements of a business enterprise.
4. State the general rules of debit and credit including normal account balance sides.
5. Demonstrate the use of journals.
6. Demonstrate the use of accounts.
7. Demonstrate the posting of transactions to the General Ledger.
8. Prepare a trial balance and utilize it in the discovery of errors.
9. Explain the cash basis and the accrual basis of accounting.
10. Demonstrate basic procedures for adjusting entries.
11. Prepare and utilize a worksheet for use in preparing financial statements.
12. Prepare records for use in accumulating data for the following accounting period (closing entries).
13. Prepare financial statements, including Income Statement, Statement of Retained Earnings,
Balance Sheet, and Statement of Cash Flows.
14. Illustrate accounting procedures for merchandising transactions.
O. Describe the two principal types of merchandise inventory systems.
15. Illustrate the various methods of determining inventory cost.
16. Demonstrate procedures for correcting errors in accounting records.
17. Explain the use of a bank account for controlling cash.
18. Demonstrate an understanding of internal controls for cash receipts and cash payments.
19. Prepare bank statement reconciliation.
20. Describe the common classifications of receivables and the basic principles of internal control.
21. Describe and illustrate the basic concepts of accounting for uncollectible receivables.
22. Demonstrate the accounting for cash disbursements and purchase transactions.
23. Demonstrate the accounting for the acquisition of plant assets and their depreciation using various
methods.
24. Demonstrate the accounting for the disposal of assets.
25. Describe the accounting for depletions, amortization and the distinction between capital and
expenditures.
26. Prepare payroll records including the payroll register and employee’s earnings records.
27. Demonstrate the accounting for payroll and payroll taxes.
28. Demonstrate the accounting for short-term notes payable.
29. Demonstrate an understanding of the accounting for long-term liabilities and use of present-value
tables.
30. Illustrate the accounting procedures for recording and reporting corporate equity.
31. Work productively as a team member in analyzing and solving various accounting problems.
Course Outline:
I.
II.
III.
IV.
V.
VI.
Business Decisions and Financial Accounting
The Balance Sheet; including construct, interpret and analyze
The Income Statement; including construct, interpret and analyze for a service business and
merchandising business
Adjustments, Financial Statements and Financial results; including analyze period-end
adjustments- accruals and deferrals.
Financial Reporting and Analysis; including GAAP/IFRS, including benchmarks and ratio
analysis
Internal Control, interpret and analyze Cash, Merchandise Sales and formulate an accurate policy
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for future business decisions.
Inventories and Cost of Goods Sold; including construct, interpret and analyze various periodic
and perpetual merchandise inventory methods.
VIII. Receivables; including interpret and analyze, formulate an accurate policy for future business
decisions, Bad Debt Expense and Interest Revenue
IX.
Long Lived Tangible and Intangible Assets; including interpret, analyze and construct a
depreciation policy for long-term-assets.
X.
Liabilities; including interpret, analyze liabilities (short-term, long term and contingent).
XI.
Stockholders Equity; including construct, interpret and analyze the stockholders equity section of
corporations.
XII. Statement of Cash Flow; including construct, interpret and analyze direct and indirect methods
XIII. Measuring and Evaluating Financial Performance; including construct, interpret and analyze
financial ratios in making future business decisions.
VII.
Assignments and Grading Criteria
Homework and LearnSmart (LS): Homework is assigned for each chapter. The homework exercises
and problems are to be completed by each student. Students have unlimited tries at the homework,
however, students can use the “check my work” option only two times per homework question, per
submission. Homework tries build on previous attempt(s), students do not restart from scratch. If
students have questions about the assignments or readings, please ask in the discussion thread for the
chapter in Canvas “Canvas/Modules/ Chapter #/Discussion;” or discuss in class. See policy on late
submissions. LearnSmart (LS) assignments must be fully completed in order for any points to be
awarded. In other words, LS points are all or nothing, there are no partial points earned.
Quizzes: There will be twelve (12) chapter quizzes. The quizzes are in electronic format on Connect (see
above). Each quiz has questions that may include Multiple Choice, True False, and Problem formats.
Students have 50 minutes for each quiz. Students have one try per quiz question, i.e. no re-takes. Weight
given to quizzes, in computing final grades, is shown in the grade section of the syllabus. Note: Students
should bring their own calculators to class on quiz days. Calculators cannot be shared nor can any
electronic device (e.g. cellphones) be used during the quiz. See policy on late submissions.

Exams: There will be four (4) exams during the semester Each exam will cover the content to
date of the exam, and will be administered after Chapters 4, 7, 9, and 12. The exams are in electronic
format on Connect (see above). Exams are cumulative. Each exam has 15 (fifteen) questions that may
include Multiple Choice, True/False, and Problem formats. Students have 75 minutes for each exam.
Students have one try per exam question, i.e. no re-takes. Weight given to exams, in computing final
grades, is shown in the grade section of the syllabus. Note: Students should bring their own calculators to
class on exam days. Calculators cannot be shared nor can any electronic device (e.g. cellphones) be used
during the exams. Makeup exams may be given under extenuating circumstances. The instructor
must be notified, in advance, (or as soon as possible – when prior notification would not be
practical) for instructor consideration.
Lab Manual: An Accounting Lab Manual is provided to help students with the more common problem
areas for each chapter. The Project is graded, can be completed in teams, and can be used to satisfy
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students’ project for the E-Portfolio that is part of MCC’s graduation policy. This Lab Manual can be
used to satisfy the “critical thinking” educational goal “identify, define, analyze, synthesize, interpret and
evaluate ideas.”
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Points Possible
Connect Homework/LS 12 Chapters
Connect Quizzes
12 Chapters
Exams 4 Exams
Lab Manual 12 Chapters
Total Points
Extra Credit
Opportunities
250
125
500
125
1000
Your instructor can offer chapter 13 as extra credit. Chapter 13 extra
credits, if provided, may be worth up to 40 points. There are no other extra
credit opportunities. However, a student who has fully participated and
who has a grade within 1% of the next higher grade may, at the instructor’s
discretion, be awarded the higher letter grade.
Letter Grade: A ≥ 90% and above; B ≥ 80% and above; C ≥ 70% and above; D ≥ 60% and above; F ≤ 59%
Policies

Attendance policy: To facilitate the learning process a variety of means, including lecture,
discussion, assignments, projects, and testing, will be employed. Only by attending class (in person
and/or online) can a student take advantage of these learning opportunities.

Late work/make-up policy: Assignments must be started BEFORE the due date in order to be
eligible for the reduced points when submitted late. In other words, students must start timely,
even if they don’t finish timely. Late assignments have reduced points available. Each day late
results in 10% fewer points awarded. After 10 days late, no points will be awarded. See special
provisions for exams under the Exam section of the syllabus. No late points awarded for LearnSmart
activities, i.e. LearnSmart MUST BE started and submitted timely.
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Weekly Course Schedule
(All Assignments are to be completed in Connect, except for Lab Manual)
Due Date/Time
Chapter 1 –
Business Decisions and Financial Accounting
Chapter 2 –
Reporting Investing and Financial Results on the Balance Sheet
Chapter 3 – Reporting Operating Results on the Income Statement
Chapter 4 – Adjustments, Financial Statements, and the Quality of
Financial Reporting
Exam Number 1 – Chapters 1 through 4
Chapter 5 – Corporate Financial Reporting and Analysis
Chapter 6 – Internal Control and Financial Reporting for Cash and
Merchandising Operations
Chapter 7 – Reporting and Interpreting Inventories and Cost of
Goods Sold
Exam Number 2 – Chapters 1 through 7
Chapter 8 – Reporting and Interpreting Receivable, Bad Debt
Expense, and Interest Revenue
Chapter 9 – Reporting and Interpreting Long-Lived Tangible and
Intangible Assets
Exam Number 3 – Chapters 1 through 9
Chapter 10 Reporting and Interpreting Liabilities
Chapter 11 Reporting and Interpreting Stockholders’ Equity
Chapter 12 Statement of Cash Flow
Exam Number 4 – Chapters 1 through 12
Chapter 13 – Extra Credit Opportunity (If provided by instructor)
Measuring and Evaluating Financial Performance
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
Remember: Assignments must be
started BEFORE the due date in order
to be eligible for the reduced points if
submitted late. In other words,
students must start timely, even if they
don’t finish timely. Late assignments
have reduced points available. Each day
late results in 10% fewer points
awarded. After 10 days late, no points
will be awarded. For any work that is
due on the last day of class, no late
submissions are permitted. Note # 1: See
special provisions for exams under the
Exam section of the syllabus. Note # 2:
There are no late points awarded for
LearnSmart activities, i.e. LearnSmart
must be started and submitted timely.
Teaching Schedule
The scheduling of the activities and teaching strategies on this syllabus, but not the objectives or content,
may be altered at any time at the discretion of the instructor.
Withdrawals: The last day to drop this course is [Insert date according to Important Class Dates for term
https://catalog.mchenry.edu/syllabi/Pages/default.aspx]. Failure to attend class does not constitute official
withdrawal. If students are considering a withdrawal, they should consult directly with the instructor and an
academic advisor. Students may withdraw from a class through the Registration Office, either in person or by
fax: (815) 455-3766. In their request, students should include their name, student ID number, course prefix,
number and section, course title, instructor, reason for withdrawing, and their signature. Withdrawal from a
course will not be accepted over the telephone.
Academic Support for Special Populations Students
Students with Disabilities:
It is the policy and practice of McHenry County College to create inclusive learning environments. If you
are a student with a disability that qualifies under the American with Disabilities Act – Amended
(ADAA) and require accommodations, please contact the Access and Disability Services office for
information on appropriate policies and procedures for receiving accommodations and support.
Disabilities covered by ADAA may include learning, psychiatric, and physical disabilities, or chronic
health disorders. Students should contact the Access and Disability Services office if they are not certain
whether a medical condition/disability qualifies. To receive accommodations, students must make a
formal request and must supply documentation from a qualified professional to support that request.
However, you do not need to have your documentation in hand for our first meeting. Students who
believe they qualify must contact the Access and Disability Services office to begin the accommodation
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process. All discussions remain confidential. The Access and Disability Services office is located in
Room A260 in A Building in the Atrium. To schedule an appointment to speak with the manager, please
call (815) 455-8766. Information about disabilities services at MCC can be found at:
www.mchenry.edu/access
Students in Career/Technical Programs
As a student enrolled in a career or technical education program at McHenry County College, you may be
eligible for services and assistance under the Carl D. Perkins III Grant. Grant funds are used, in part, to
assist students who are at risk of not succeeding in their educational pursuits. The traits that often prevent
students from succeeding are: economic disadvantage, academic disadvantage, disability/disabilities,
single parent, displaced homemaker, enrollment in a program in which their gender is under represented,
and limited English proficiency (LEP). The definitions of each trait are available in the Access and
Disability Services office. Students with one or more of these traits are referred to as Perkins Special
Populations Students.
If you would like to know if you are eligible for services at any time during the semester, please do not
hesitate to contact the Manager, Access and Disability Services. The office is Room A260, and phone
number is (815) 455-8676.
Additional syllabus information and resources can be found at www.mchenry.edu/syllabusinfo.
STUDENTS ARE RESPONSIBLE FOR KNOWING ALL SYLLABUS INFORMATION.
Sage Learning Center
 The Sage Learning Center (SLC), a general tutoring and learning facility located in A247 near the
Atrium entrance, offers students currently enrolled in credit academic courses free assistance in a
variety of subject areas. Comprehensive support is provided in math and writing. Assistance is also
provided, whenever possible, in many other disciplines. The SLC is staffed by professional and peer
tutors who work on a scheduled drop-in and appointment basis with individuals and small groups.
Computer-assisted instruction, study groups, assorted handouts, CDs, and DVDs are also available.
Accounting tutoring hours vary by semester. Please contact Sage for current schedule.

The tutors in the Sage Learning Center can guide you with the chapter homework, but cannot assist
with the chapter quizzes, pre-post tests, or exams. For the Lab Manual, students may see the
accounting tutor for clarification of the chapter assignment, but the tutor may not assist with the
completion.
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